Obama Announces Details Of $75 Billion Mortgage Relief Plan

Ever since President Obama stepped into office, talks about the stimulus package have been going on. From the capitol to Wall Street to coffee shops – the stimulus package has been much talked about. Some people are all for it while there are those who think that it’s a waste of tax payers’ money.

On the part of small business owners, however, the stimulus package just might be what they need to tide them over till the economy gets back on its feet. MSNBC published a feature last week, stating how the stimulus can actually be put to good use by small business owners:

A meeting brought federal officials and local entrepreneurs together on Thursday to help small business owners navigate the stormy economy.

Representatives from the Small Business Administration and Rep. Lee Terry met with business owners to discuss ways to modify programs designed to help them. “Small business is our economy,” Terry said.

He said the stimulus package, which provided $730 million for the SBA, will help provide new loans to assist small businesses with meeting debt payments, will offer higher loan guarantees and reduce loan fees.

What does this mean to you? If you are a small business owner and you have been struggling – or you are looking at that possibility, then the knowledge that you can get new loans with lower fees would be more than welcome. In this time of difficulty, this opportunity is a refreshing one, with the conventional lenders and creditors being more conservative. Let’s see how this thing develops.

Originally posted on February 24, 2009 @ 6:24 pm

Business, Economy

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